The Ghana cedi: where the name comes from

Ghana’s money is the Ghana cedi, written GH₵, and it is divided into pesewas. Both names come from Ghana’s own history of money.

Cowries and gold dust

According to the Bank of Ghana, the name “cedi” comes from the word “sedie”, meaning cowrie: small shells that were once used as money. The pesewa was the smallest unit of the old gold-dust currency, and the name was chosen to replace the British colonial penny.

1965: from pounds to cedis

Cedi notes and pesewa coins were introduced on 19 July 1965, replacing the Ghana pound, shillings and pence used since independence.

2007: four zeros removed

By the 2000s, prices had become so large that everyday sums ran into thousands and millions of cedis. In 2007, the Bank of Ghana redenominated the currency: 10,000 old cedis became one new Ghana cedi, and the subunit became the Ghana pesewa. The value of people’s money did not change; only the numbers became smaller. The Bank said the change would make accounts, records and computer systems easier to manage.

Why it still matters

You may still hear older people quote prices in the old units, so “ten thousand” can mean one Ghana cedi in conversation.